Student Loan Myths: Busted!

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Did that greater than 70 p.c of school students apply for monetary assist every year? Filling out the FAFSA (Federal Application for Student Aid) might seem to be a frightening activity, nevertheless it’s a vital a part of the monetary assist course of.

Does the considered filling out the FAFSA make your head spin? Take a have a look at these widespread student loan myths to get the information about making use of for federal student assist and federal student loans.

Questions about monetary assist when you’re attending JJC?
Call (815) 280-2528 or go to jjc.edu/financial-aid.

 


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Myth #1: The FAFSA is simply too onerous to fill out.

HERE’S THE TRUTH: To full the 2018-2019 FAFSA, all you want are your 2016 tax paperwork and W2 kinds. You’ll additionally want your SSN and a FSA ID. (NOTE: If you are 24 or youthful, additionally, you will want your dad and mom’ paperwork, and one guardian will want a FSA ID.) From there, enter your info and reply questions on the shape. Don’t have a FSA ID? You can create one right here.

Still confused? Attend one in all JJC’s free FAFSA workshops, the place we’ll information you thru the FAFSA software course of. In 2017, FAFSA workshops will happen:

Main Campus, U-Building, 4 p.m. to six p.m.
Oct. 11, Oct. 25, Nov. 8, Nov. 29, Dec. 13

Romeoville Campus, Room RMB 1074, 4 p.m. to six p.m.
Oct. 19, Nov. 16

 


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Myth #2: It prices cash to use for the FAFSA.

HERE’S THE TRUTH: It does not value you something to use for the FAFSA so long as you fill out your software at FAFSA.ed.gov.

READ:   be taught extra earlier than submitting your Taxes

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Myth #3: I do not depend on my dad and mom financially, so I can fill out the FAFSA on my own.

HERE’S THE TRUTH: Unless you’re emancipated, serving within the army, married or have kids that you simply help (greater than 50 p.c), in case you are age 24 or youthful, you may want your dad and mom’ info with a purpose to obtain federal student assist. Even when you do not reside along with your dad and mom, even when your dad and mom aren’t paying so that you can go to highschool – you’re nonetheless thought-about a dependent. If you’re a JJC student, contact the Financial Aid Office at (815) 280-2528 for extra info.

 


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Myth #4: The sum of money I obtain from the FAFSA my first 12 months goes to be the identical quantity I obtain yearly.

HERE’S THE TRUTH: The sum of money you obtain is predicated in your revenue and your dad and mom’ revenue every year (along with different components resembling family measurement) so that does not essentially imply you may obtain the identical quantity every year. 

 

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Myth #5: My dad and mom make an excessive amount of cash, so I will not qualify.

HERE’S THE TRUTH: You can qualify for federal student assist which incorporates: grants, loans, work examine, and/or SEOG. All students are eligible for federal student loans regardless of how a lot their dad and mom make (so long as all different eligibility necessities are met). For extra info, click on right here

 

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Myth #6: If I take out a student loan, I’m not going to have the ability to afford the funds after commencement.

READ:   How to Cancel Student Loans That Haven't Been Disbursed

HERE’S THE TRUTH: You do not have to begin paying again your federal student loans till six months after you graduate*. If you possibly can’t afford your month-to-month student loan cost every month, do not sweat it. You might qualify for a unique reimbursement plan and all it’s a must to do to search out out is contact your loan servicer. Click right here to find out about completely different reimbursement plans, resembling customary, income-based and pay-as-you-earn.

*or when you drop under six credit hours

  

Want to use for the FAFSA for the 2019-2020 faculty 12 months?

You can fill out the FAFSA between Oct. 1, 2018 and June 30, 2020. Remember: the sooner you apply, the higher your chances are high of not lacking any state or scholarship deadlines.

 

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